Baugur appoints HoF management

He founded The Shoe Studio in 1991 and led its MBO from Nine West ten years later, becoming CEO, and grew the business to 264 outlets and led the acquisition of Rubicon Retail in 2005, owner of Principles and Warehouse. The combined business was sold to Mosaic Fashions in 2006.

John King has been made CEO of House of Fraser, a position he will take up early in 2007. He is currently chief executive of Matalan and has experience in retail spanning 20 years, starting at Marks & Spencer and including Lee Cooper and Delta US.

Stefan Cassar has been made chief financial officer. He has been in the retail industry since 1990 and was part of the MBO team of Shoe Studio in 2001 alongside McCarthy.

Current CEO John Coleman has resigned from the board. David Adams, deputy CEO and finance director, and Steve Hibbert, operations director, have both resigned but will stay on at the company to ensure a successful handover.